INDIA: Textile Processors Upset By Deemed Credit Rates

Independent textile processors are set for a bonus after the government increased the amount of deemed credit on certain final products. The rate has been increased from 45 to 50 per cent.

The government has also increased the deemed credit a composite mill can apply for on certain final non-cotton products from 40 per cent to 45 per cent.

But the move has disappointed independent textile processors, who have been pushing for a higher rate of deemed credit. They had demanded a 75 per cent deemed credit rate in respect of synthetic products.